90% Bankers Cite Cybercrime as Key Threat in Pakistan

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Karachi, Pakistan: A recent survey by PwC Pakistan has revealed that 90% of banking professionals identify cybercrime as the biggest challenge facing the nation’s banking sector. The study also highlights increasing concerns over fraud and terrorism financing.

Key Findings of the Survey: The survey targeted chief compliance officers (CCOs) and business leaders, uncovering that: 90% of CCOs see cybercrime as a major threat. 70% flagged fraud as a serious issue. 60% expressed concern over terrorism financing. Other risks include tax evasion, money laundering, and sanctions compliance. Impact of Digitalization: The report notes that Pakistan's growing reliance on digital technology has amplified the risks of financial crimes. Weak economic conditions, rising inflation, and heightened terrorist threats contribute to the increasing vulnerabilities.

Recommendations and Investment Needs: To counter these challenges, the survey calls for substantial investment in technology, data management, and workforce training over the next 12 months. Notable recommendations include: 95% investment in data governance and management. 90% in technology optimization. 75% in specialized training programs. 60% in adopting emerging technologies.

Future Outlook: The findings underscore the urgent need for Pakistani banks to strengthen their financial crime compliance frameworks and adopt advanced technologies. As criminal tactics evolve, the sector must remain proactive and resilient to mitigate these risks effectively.